sales tax

There are 12 cans of corn in a case. Each can of corn is 10 ounces. If a case of corn costs $10.68, what is the unit price per can of corn?

$0.89

A box of chocolates weighs 226.8 grams and costs $14.99. If 1 ounce is approximately 28.35 grams, what is the unit price per ounce of the chocolates?

$1.87

The book store is having a sale where all hardcover books are 20% off. Jamie also has a coupon for 15% off any fiction book. Jamie buys a hardcover fiction book that is priced $32.99. How much will Jamie save by buying the book on sale and using the coupon?

$10.56

An mp3 player is on sale for 30% off the regular price of $39.98. How much is the discount?

$11.99

Calculate 6 3/4% tax on $2,305

$155.59

Using the following prices, calculate the unit price to determine how much it would cost for 7 muffins and 14 juice boxes. $7.74 for 6 muffins $5.52 for 8 juice boxes

$18.69

If a unit price label has a unit price of 13.5 cents per ounce, how much is the total price for a 24 ounce package?

$3.24

A business advertises that everything in the store is an additional 10% off the already reduced prices. Marcus picks out 2 shirts that are on a 30% off rack. If the shirts are originally priced at $28.99 and $30.29 and there is 6% sales tax, how much does Marcus end up paying for them?

$39.59

Use mental math to approximate what a 15% tip would be for a bill of $31.99

$4.80

The following list shows the items and prices for a restaurant order. Calculate the total amount if there is an 8% tax and the customer leaves a 20% gratuity. 1 appetizer: $8.59 2 entrees: $15.99 each 1 dessert: $4.69 2 drinks: $2.10 each

$63.31

You have a restaurant bill of $61.45. If you are taxed 8 1/2% and decide to tip your server 15%, how much is your total?

$75.89

Wynona buys some new boots that are priced $85.79. She gets successive discounts of 10% followed by 5% off on the boots. The purchase price of Wynona's boots is ________ of the original price.

85.5%

ATM fees

ATM usage fees are the fees banks charge for the use of their Automated Teller Machines (ATMs)

Given the following information, determine if one of the brands is a better buy. Brand A: 14 ounces for $33.18 Brand B: 22 ounces for $52.80

Brand A is the better buy

Given the following information, choose the brand that is the better buy. Brand A: $2.16 for 18 ounces Brand B: $1.50 for 12 ounces Brand C: $2.26 for 20 ounces Brand D: $1.95 for 16 ounces

Brand C

Taking successive discounts of 15% and then 25% off is the same as taking a one time discount of 40%.

False

To calculate the unit price of an item, divide the total number of units by the total price.

False

You are examining your choices of banks to open a new savings account. Costs include monthly maintenance fees and statement copy fees. Income can come from __________.

Interest on deposits

James is opening a checking account. The bank employees do not know him personally, and he has forgotten his identification. Can he open the account anyway, and use the ID later when he gets his debit card?

No, because proper identification is required to open a checking account.

The Long family spent $38.62 for school supplies and $215.78 for new school clothes. They paid 6 4/5% sales tax on their purchases. If the Long family paid $269.07 total, determine if they paid the correct amount.

The Long family paid $2.63 too little for their purchases

What is a "closing balance?"

The amount of money you have at the end of the statement period

Which of these is NOT a factor you need to consider when choosing a bank? a. The number of ATM machines b. Branch locations c. How often you need access to your money d. The amount of money you paid in income taxes last year

The amount of money you paid in income taxes last year

Which of the following items may NOT be a good consideration in selecting a bank? a. The word "FREE" is prominently displayed in the marketing pamphlet b. Knowledge of personal usage habits and needs c. Number of ATMs near where you live, shop, work, or travel d. The table of fees

The word "FREE" is prominently displayed in the marketing pamphlet

Anna is choosing a bank and a checking account. She would be well-advised to consider her personal needs and values in the analysis, not only the bank's features.

True

Savings accounts are a reliable way to store money for the future.

True

Explain how compound interest is better than simple interest when it comes to saving money.

With compound interest, you earn interest on interest, thereby accumulating more money than if you were earning simple interest.

Annie wants to make a deposit into her savings account. She is depositing 3 checks, one for $50.32, another for $324.89, and finally one for $753.15. She would like to receive $137.82 in cash after the deposit. Calculate the amount that she will be depositing into her savings account. a. $990.54 b. $1,299.18 c. $1,229.54 d. $1,091.18

a. $990.54

In the formula (I= P x r x t), what does 'r' stand for? a. Rate: the percent that interest is paid annually as a decimal b. Ratio: the size of the interest interval compared to time c. Return: how much money you end up earning d. Reserves: how much money you have in the investment

a. Rate: the percent that interest is paid annually as a decimal

successive discount

are when several discounts are taken one at a time from the usual price

How much money would need to be deposited into an account earning 5.25% interest compounded annually in order for the accumulated value at the end of 25 years to be $75,000? a. $20,243.85 b. $20,869.34 c. $57,142.86 d. $67,245.61

b. $20,869.34

Evelyn spent the day shopping and made the following purchases: Item Cost($) Camera $66.31 Hat $13.44 Parking $8.00 Planner $9.78 When Evelyn was done, she checked her account balance and found she had a total of $208.16. How much money was in Evelyn's account to begin with? a. $110.63 b. $305.69 c. $315.47 d. $97.53

b. $305.69

If you wish to calculate the interest on an investment with a rate of 6.17%, what number will you plug into your equation? a. 0.00617 b. 0.0617 c. 0.617 d. 6.17

b. 0.0617

If you invest $8,600 at a 3.95% simple interest rate, approximately how long will it take for you to have a total of $21,000? a. 25 years b. 36 years c. 45 years d. 60 years

b. 36 years

Which of the following would you expect to find on a monthly account statement? a. A new set of checks and deposit slips for the coming month. b. A list of credits and debits made during the period. c. A comparison of ending balances for the past 12 months. d. A tally of all credits and debits in the account's history.

b. A list of credits and debits made during the period.

Melanie's monthly bank statement says her balance is $280.82, but her check register says that her balance is $312.55. Which of the following are still outstanding? I. A $56.49 check to the drugstore II. A $113.42 paycheck deposit III. A $32.62 refund deposit IV. An $81.69 check to the music store a. I and III b. II and IV c. II and III d. III and IV

b. II and IV

Which of the following MUST be present for a check to be legitimate? I. The recipient's bank II. The date III. A memo or note a. I and II b. II only c. III only d. I, II, and III

b. II only

Which of the following is used by a seller to deceive a buyer?

bait and switch

An investment of $1,000 is earning interest at the rate of 3.8% compounded daily over 3 years. Approximately how much interest is earned on the investment? a. $892.26 b.$1,120.75 c. $120.75 d. $38.73

c. $38.73

An investment of $8,350 earns 5.2% interest compounded monthly over 10 years. Approximately how much interest is earned on the investment? a. $4,342 b. $5,513 c. $5,679 d. $13,863

c. $5,679

Michael is making a deposit with a check and wants cash back. His deposit slip has his name, his account number, the date, the amount of the check, the amount of cash that he wants, his signature, and what else? a. his date of birth b. his social security number c. the net deposit amount d. the balance of money in the account

c. the net deposit amount

Colin wants to set up an aquarium.. He already has a tank, but needs to purchase fish, filters, and plants. If the cost of the fish is $84.79, the filters usually cost $60.45 but Colin finds them on sale for $44.75, and the cost of the plants is $18.66, determine how much of Colin's $488.85 savings will be used to set up his aquarium. a. $289.81 b. $163.90 c. $340.65 d. $148.20

d. $148.20

Bob's bank charges him a $3.15 service fee every time he uses an out-of-network ATM. If Bob uses an out-of-network ATM an average of three times every two weeks, how much will he pay in service fees over the course of a year? a. $327.60 b. $109.20 c. $491.40 d. $245.70

d. $245.70

Nicole deposits $2,136 in a savings account paying 5.36% interest. To the nearest dollar, how much money does Nicole have in total after nine years? a. $213 b. $1,030 c. $1,272 d. $3,166

d. $3,166

An investment of $6,530 earns interest at the rate of 4% and is compounded quarterly. What is the accumulated value of the investment at the end of 8 years? a. $7,071.05 b. $7,659.97 c. $8,936.76 d. $8,978.36

d. $8,978.36

unit rate

describes how many units of the first type of quantity corresponds to one unit of the second type of quantity

Which of the following is NOT considered a buying incentive?

display

check register

is a booklet used to record account transactions

pyramid scheme

is a deceptive advertising technique that has the buyer put money into a plan, agree to sign up subsequent members and potentially reap large benefits.

bait and switch

is a deceptive way of selling that involves advertising a product at a very low price in order to attract customers who are then persuaded to switch to a more expensive product.

gratuity

is a favor or gift, usually in the form of money, given in return for service

overdraft fee

is a fee that an account holder pays when withdrawals from a bank account exceed the available balance causing the account to have a negative balance

variable interest rate

is an interest rate that can change over the life time of the account

fixed interest rate

is an interest rate that does not change for the life time of the amount

overdraft fee

is charged to an account when withdrawals from it exceed the available funds and cause a negative balance. This fee is incurred for every transaction that exceeds the available funds.

principal

is the amount of the initial investment

interest rate

is the fee charged by the bank for the use of the money when taking out a loan. It is also the fee you are paid by the bank for letting the bank use your money.

minimum opening balance

is the initial dollar amount set by the bank that is required to open a account

comparison shopping

is the process of shopping for bargains by comparing the prices of competing brands or stores

effective rate

is the rate after the effect of compound interest

stated rate

is the rate given before the effect of compound interest

growth factor

is the sum of one plus the decimal representation of the growth rate

overdraft

occurs when withdrawals from a bank account exceed the available balance which gives the account a negative balance

Manny makes the following purchases at the store: pair of jeans for $32.65 3 t-shirts for $14.89 each pair of sneakers for $39.99 The store is having a promotional sale where 10% is taken off of each customer's total purchase before tax. The sales tax is 8%. If Manny paid $114.03, then he _______ for his purchase.

paid the correct amount

discount

the amount deducted from the usual price is referred to as a discount

closing balance

the closing balance is the balance, after deductions, in an account at the end of the predetermined period of time

growth rate

the stated rate at which the principal is growing is referred to as the growth rate

unit price

the unit price of an item is the cost for each unit

reconcile

to check it against another set of records for agreement